5 Qualities for Agents to Look for in Final Expense Insurance Companies

Not all final expense insurance companies are created equal. As a Final Expense Insurance Agent, you want to ensure you’re working with only the best vendors and solutions to enhance the way you sell final expense life insurance.

The best final expense companies for agents don’t tell you how to sell simplified issue whole life insurance, but empower you to sell the best product for your clients. Here are a handful of the qualities to look for in final expense insurance companies that separate the good from the great.

As a Final Expense Insurance Agent, your portfolio of carriers is one of your most important assets. At a high level, the carriers you work with all offer a similar product. But there are nuances between the policies different burial insurance companies offer that can make them more or less appealing to your clients. 

The best final expense companies for agents provide you with all the materials you need to understand their product. From the terms of the policy and premiums to waiting periods and requirements, all of this information is important to know from a sales perspective.

When a company is transparent with their product information, it makes your job easier. You can expand your portfolio and easily compare different products to pair your clients with the best fit for their needs.

Consider your other needs when it comes to selling final expense insurance. For instance, if you’re going to be writing a lot of telesales businesses it’s important to have carriers that do telesales. Additionally, if you prefer electronic applications over paper applications, ensure you’re working with lead vendors and solutions with that option.

There’s no one-size-fits-all final expense insurance company. As an agent, you can find the best companies to work for depending on your needs. Whether that means a focus on telesales, having electronic applications, or other specific advantages is up to you.

The best final expense companies for agents are diverse. It’s important to work with carriers that will accept a variety of different clients and support different niches. As previously mentioned, there are many different life insurance companies that offer a death benefit though their policies may differ.

It’s a good rule of thumb that you should have at least two options for guaranteed issue final expense insurance. This ensures that your clients will always have at least one option they will be automatically qualified for regardless of any health issues. Also consider having a carrier that specializes in social security billing and one that has an eApp for improved accessibility.

As part of your portfolios, you should make sure you have a carrier that accepts diabetes, a carrier for COPD, a carrier for heart issues, and a carrier for a solid graded option

By offering complementary carriers, final expense leads for insurance agents may be easier to come by since you offer a variety of products.

Make sure the companies you work with will actually pay their claims on time. The best final expense companies for agents are transparent about their products and follow through when it comes time to pay any claims.

Your clients rely on the payout of their full death benefit to cover funeral expenses, cremation costs, and other end of life expenses (like paying off credit card bills or medical debt). A delayed or incomplete payout can be frustrating for the beneficiaries and have a negative impact on your reputation. 

Make sure you work with trusted carriers that pay claims on time and in full when the time comes. They are an extension of your brand and have an effect on your client’s experience.

Finally, we can’t overlook the importance of scalability when it comes to finding expense insurance companies to work with. This is especially true when it comes to vendors and software solutions.

When investing in a new solution (or even a carrier) make sure it can seamlessly integrate with your existing infrastructure and portfolio. You also want to ensure the solutions you use can grow with your practice. As your portfolio changes and market trends evolve, you need solutions and partners that grow with you.

Scalability is essential for the longevity of your business and the ability to attract new clients in changing markets.

Of course, the aforementioned qualities aren’t the only thing to consider when choosing the best final expense insurance companies to work with. It’s important for Final Expense Insurance Agents to also consider the following before committing to a new partnership or technology solution:

• HIPAA Compliance: If you’re storing client information (which you often are), make sure the solution you use is secure and HIPAA compliant. You’re often dealing with confidential health information on health conditions and medical history your clients want to be kept secure.
• Costs: When choosing a company to work with, there are often more than simply the upfront costs to consider. Make sure you understand if a company or carrier nickels and dimes for features or if you’ll receive upgrades at no cost.
• Privacy: Consider the privacy rules of your partners. Are they going to give your information or any client contact info to their partners or another IMO? Not every agent or client may want this to happen.

If you’re looking for one of the best final expense insurance companies to work with for underwriting assistance, look no further than Best Plan Pro.

Best Plan Pro contains everything you need to know about your carriers and helps you sell the right product to the right person. What’s more, the Best Plan Pro team is always updating the software with new carriers and features.

When you invest in Best Plan Pro, you benefit from:

• Medication Handling: Every week, Pro Plan’s Best Option Pro considers generic alternatives and adds new drugs to the database. There are about 100,000 different medicines and applications in the system.
• Age Limits, Face Value Restrictions, State Exclusions:  Best Plan Pro takes care of underwriting across all carriers so you can get back to selling.
• Intuitive Design: Best Plan Pro’s design is sleek and easy to use. The software has been built by insurance agents, for insurance agents.
• Data Organization: Keep ongoing treatment,  maintenance treatment, and personal information all in one place.
• Automatic Carrier Updates: Best Plan Pro updates carrier products and rates every day so you always have the most up-to-date information.

Learn more about how Best Plan Pro improves final expense agent opportunities in the industry.